(Yicai Global) July 4 -- An investment institution owned by the founder of Chinese auto giant Geely Holding Group has purchased a majority stake in Meizu Technology, the maker of China's first domestically produced smartphone, to boost multi-platform integration.

Xingji Shidai Technology, controlled by Li Shufu, has acquired a nearly 79.1 percent stake in Meizu, the Wuhan-headquartered buyer said in a statement today, without disclosing the price.

Going forward, the pair’s business will cover different divisions in consumer electronics, such as high-end smartphones, extended reality products, and wearables, according to Xingji. But the brands will remain independent.

Technology innovation and the integration of the two sectors of consumer electronics and automobiles is a must, Li said at a press conference today. The application of intelligent cars and smartphones will be integrated across different terminals and scenarios, providing immersive experiences for users, he added.

The deal was expected. Yicai Global reported early last month that Xingji had penned an agreement with the Zhuhai-based phonemaker. But the deal was still subject to regulatory approval, and some details were under negotiation, a Meizu executive said then.

Formed in 2003, Meizu unveiled China’s first domestic-made smartphone in 2009. But after a few years, its sales slumped amid increasing competition with rivals such as Huawei Technologies and Xiaomi. Last year, Meizu's smartphone shipments dropped to around 1.5 million units whereas between 2015 and 2017, its annual numbers were about 20 million units.

The phone brand will maintain at least some of its earlier goals. Meizu will continue its efforts to develop its operating system Flyme, Chief Executive Huang Zhipan said.

Xingji was established in September 2021, according to corporate registration data. The firm engages in smartphone and intelligent technology business. Li is Xingji's actual controller with his about 61 percent stake in it.

Editors: Emmi Laine, Xiao Yi